Comprehensive Planning Process

Our specialists believe that a comprehensive planning process should always include a rigorous review of all the component pieces on a regularly scheduled basis. All financial instruments should be routinely reviewed in order to determine if 1) needs or situations have changed, 2) existing products are still relevant and cost effective and 3) to verify that specific performance is in line with original expectations. Insurance is the one area that is often ignored or overlooked.

Changes to financial instruments may result in more or better coverage – and – sometimes at a significantly reduced cost. Over the past 5 to 10 years, certain assumptions may have been made pertaining to longevity, health, interest rates, special needs and coverage amounts that may no longer reflect current requirements.

The insurance audit is both a process and a tool which should be employed at regular intervals to ensure that each client’s specific needs are being met and that they are getting real value for their insurance expenditures. Insurance products (including both fixed and variable annuities) are constantly changing to reflect consumer demand and economic reality and like any other financial instrument; they should be reviewed on a regular basis.

Historically, high wage earners, seeking to protect themselves and their families, encountered difficulty in obtaining necessary Disability Insurance at a reasonable cost and with reasonable stipulations – this is no longer true and we have solutions that can fit virtually any occupation or situation.

Long Term Care Insurance can provide confidence and it may well be the one overlooked protection that almost all of us will need. If structured correctly within an appropriate time frame, it can be a reasonable expenditure that is completely justifiable within a comprehensive insurance strategy.

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